a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 500 $6,000.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 250 $3,000.00 #3 Sale to TTT Co. Answer $Answer 125 $Answer Answer $Answer #4 Purchase from BBB Co. 80 $1,360.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 40 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units were purchased from BBB Co. COGS = $Answer

2) One Product Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $20 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2019.

Do not enter dollar signs or commas in the input boxes.

Round all answers to 2 decimal places.

Date	Purchases		Sales		Balance
	Quantity	Cost	Quantity	Cost	Quantity	Value
Jan 28					100	$Answer
Feb 22	24	$21.00			124	$Answer
Mar 8	39	$23.00			163	$Answer
Apr 4			36	$20.87	127	$Answer
Jul 24	29	$25.00			156	$Answer
Sep 6			39	$21.63	117	$Answer
Nov 20			23	$21.63	94	$Answer

Required

Calculate the cost of goods sold.

Cost of Goods Sold = $Answer

3)

An inventory record card for item L-324 shows the following details in 2019.

Date	Purchases		Sales		Balance
	Quantity	Cost/Unit	Quantity	Cost/Unit	Quantity	Cost/Unit
Nov 1					52	$66
Nov 8	131	$61			52	$66
					131	$61
Nov 12			52	$66
			15	$61	116	$61
Nov 22	20	$79			116	$61
					20	$79
Nov 28			103	$61	13	$61
					20	$79

Required

The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory on November 28.

Do not enter dollar signs or commas in the input boxes.

Cost of Goods Sold = $Answer

Ending Inventory = $Answer

4)

TI, a bookseller, had the following transactions during the month of March 2019 and uses the perpetual inventory system.

Date	Transaction	Purchases		Sales		Balance
		Quantity	Cost	Quantity	Cost	Quantity	Cost
Mar 1						0	$0
Mar 1	Bought 12 novels at $33 each.	12	$33			12	$33
Mar 2	Bought 16 bags at $47 each.					12	$33
		16	$47			16	$47
Mar 9	Sold 6 novels.			6	$33	6	$33
						16	$47
Mar 14	Bought 22 pencil cases at $8 each.					6	$33
						16	$47
		22	$8			22	$8
Mar 27	Sold 10 bags.					6	$33
				10	$47	6	$47
						22	$8

Required

The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory for March.

Do not enter dollar signs or commas in the input boxes.

Cost of Goods Sold = $Answer

Ending Inventory = $Answer

5)

A company reported ending inventory of $101,000 in year 1. It was discovered in year 2 that the correct value of the ending inventory was $95,000 for year 1. Complete the following table based on this information. Assume the company uses the perpetual inventory system.

Do not enter dollar signs or commas in the input boxes.

Enter a negative sign as appropriate for the Profit(Loss) line item.

Item	Reported	Correct Amount
Inventory	$101,000	$Answer
Current Assets	$139,000	$Answer
Total Assets	$439,000	$Answer
Owner's Equity, Year 1	$199,000	$Answer
Sales	$990,000	$Answer
Cost of Goods Sold	$495,000	$Answer
Profit (Loss) for Year 1	$11,000	$Answer

6)

A company has three types of products: gadgets, widgets, and gizmos. The cost and market price of each type is listed below. Complete the table by applying the lower of cost and net realizable value (LCNRV).

Do not enter dollar signs or commas in the input boxes.

				LCNRV Applied to
Description	Category	Cost	NRV	Individual	Category	Total
Gadget Type 1	Gadgets	$870	$850	$Answer
Gadget Type 2	Gadgets	$5,200	$4,900	$Answer
Total Gadgets		$Answer	$Answer		$Answer
Widget A	Widgets	$90	$110	$Answer
Widget B	Widgets	$190	$110	$Answer
Total Widgets		$Answer	$Answer		$Answer
Gizmo 1	Gizmos	$1,860	$1,630	$Answer
Gizmo 2	Gizmos	$1,930	$1,500	$Answer
Total Gizmos		$Answer	$Answer		$Answer
Grand Total		$Answer	$Answer	$Answer	$Answer	$Answer

7)

Outdoor Company uses the perpetual inventory system and its inventory consists of four products as at June 30, 2019. Selected information is provided below.

Required

a) Calculate the inventory value that should be reported on June 30, 2019, using the LCNRV applied on an individual item basis.

Do not enter dollar signs or commas in the input boxes.

Product	Number of Units	Cost (per unit)	NRV (per unit)	LCNRV (Individual)
1	40	$98	$117	$Answer
2	35	$88	$61	$Answer
3	50	$79	$41	$Answer
4	30	$102	$168	$Answer
Inventory Value Total		$Answer	$Answer

LCNRV Inventory Value =$Answer

b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV.

Date	Account Title and Explanation	Debit	Credit
2019
Jun 30	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableMerchandise InventoryPrepaid InsurancePrepaid RentRent ExpenseSales Revenue	Answer
	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldEquipmentInsurance ExpenseInterest ExpenseInterest PayableMerchandise InventoryPrepaid InsurancePrepaid RentRent ExpenseSales Revenue		Answer
	Adjust inventory to LCNRV

8)

A. Young Radio has an inventory turnover ratio of 1.2, while its competitor, ECI Radio, has an inventory turnover ratio of 2.5. Calculate the inventory days on hand for both companies.

Do not enter dollar signs or commas in the input boxes.

Round your answers to the nearest whole number.

Company	Inventory Days on Hand
A. Young Radio	Answer
ECI Radio	Answer